The first thing to break down when all hell broke loose today was USD/JPY, so that is what we will be watching. Specifically, we will be watching to see if USD/JPY can rebound above 90.10, which is the the 61.8% retracement of today’s down move. As long as it stays below, we are a seller of risk trades. If it rises above, we are buying or staying on the sidelines.
Never forget: the trend is your friend. Today, no doubt, the trend was down for risk trades.
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